China's economic growth expected to weaken

  • Chinese economic growth is expected to weaken after data released over the weekend showed a drop in trade and domestic activity in May.

    Imports were down 0.3 percent compared to earlier estimates of a 6 percent rise. The fall comes on the back of a decrease in the volume of commodity shipments.

    Meanwhile, exports came in at 1 percent, their lowest annual growth rate in nearly a year.

    Exports to the United States and the European Union, China's biggest trading partners, were both down from a year earlier for the third consecutive month.

    Inflation also came in below expectations with consumer inflation at 2.1 percent, the lowest in three months. Producer prices (PPI) dropped 2.9 percent, a level not seen since September.

    According to analysts, China is likely to miss its target of 7.5 percent GDP growth for 2013.

    Last year, the country’s economy grew at its slowest pace in 13 years.

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    Tagged as: Business news, China economic growth, Chinese economic growth